But Mr. Woodford, Olympus Corp.’s ousted former CEO, and Mr. Kikukawa, the current chairman who oversaw the dramatic ouster, used to have nothing but praise for each other.

Here they are, in their own words, from earlier this year:

Mr. Kikukawa, on announcing Mr. Woodford’s appointment as president, Nikkei business daily, February 2011:“He can make dead-on decisions on M&As on the spot.”

Mr. Woodford, in Olympus annual report for year ended March 31, 2011: “In October 2010, Chairman Kikukawa asked me if I would come to Tokyo for a meeting with him…he was very upfront, very open, and said he believes Olympus needed to change.”

“I was genuinely surprised at the time because I thought Olympus was too conservative to make such a move. But my initial assessment was wrong. Mr. Kikukawa was obviously more radical and adventurous than I had presumed, and I felt his strong determination for drastic change and for entrusting me with the task of realizing the company’s vision in the new era…Mr. Kikukawa and I have known each other for 30 years. We don’t have any defined, strict delineation of responsibilities, which allows for a very flexible approach.”

Mr. Kikukawa, in Olympus release announcing Mr. Woodford’s nomination as CEO, Oct. 1: “I’ve been particularly impressed by the way in which (Woodford) has shown a great sensitivity and understanding of the different cultures across our global organization, and how these can be brought together in the most positive way for the company.”

Mr. Woodford, in same release: “Mr. Kikukawa has been an extremely strong chief executive and I’ve always been inspired not only by his visionary leadership, but also his personal motto of ‘Creative Destruction’, demonstrating his willingness to challenge the established order which is essential if the business is to avoid becoming stale or ‘resting on its laurels.’ I’m pleased to build upon these foundations to create a strong and well respected global company as we move towards our centenary anniversary in 2019.”

As much as I'd hate to see this be the beginning of the end for Olympus, a once great company, I really want to see this go to court, preferably the International Criminal Court. I've got 500 yen that says these payments involve the yakuza.

3:07 am October 20, 2011

Ken wrote:

I wonder if Nikkei still plans to invite Mr. Kikukawa to its conference on "social responsibility"? It might not be such a bad idea, given he seems to have first-hand experience in getting entangled with "antisocial forces", and is therefore in a position to advise others on how to avoid them.

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